What do we really know about fiscal sustainability in the EU? : a panel data diagnostic

Detalhes bibliográficos
Autor(a) principal: Afonso, António
Data de Publicação: 2007
Outros Autores: Rault, Christophe
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.5/2136
Resumo: We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel cointegration techniques developed by Pedroni (1999, 2004), generalized by Banerjee and Carrion-i-Silvestre (2006) and Westerlund and Edgerton (2007), to a structural long-run equation between general government expenditures and revenues. While estimations point to fiscal sustainability being an issue in some countries, fiscal policy was sustainable both for the EU15 panel set, and within sub-periods (1970-1991 and 1992-2006).
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spelling What do we really know about fiscal sustainability in the EU? : a panel data diagnosticintertemporal budget constraintfiscal sustainabilityEUpanel unit rootpanel cointegration.We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel cointegration techniques developed by Pedroni (1999, 2004), generalized by Banerjee and Carrion-i-Silvestre (2006) and Westerlund and Edgerton (2007), to a structural long-run equation between general government expenditures and revenues. While estimations point to fiscal sustainability being an issue in some countries, fiscal policy was sustainable both for the EU15 panel set, and within sub-periods (1970-1991 and 1992-2006).European Central BankRepositório da Universidade de LisboaAfonso, AntónioRault, Christophe2010-06-14T11:36:32Z2007-102007-10-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/2136engAfonso, António e Christophe Rault. 2007. "What do we really know about fiscal sustainability in the EU? : a panel data diagnostic". European Central Bank working paper series nº 820-20071725-2806info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-03-06T14:33:22Zoai:www.repository.utl.pt:10400.5/2136Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T16:50:12.547898Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
title What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
spellingShingle What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
Afonso, António
intertemporal budget constraint
fiscal sustainability
EU
panel unit root
panel cointegration.
title_short What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
title_full What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
title_fullStr What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
title_full_unstemmed What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
title_sort What do we really know about fiscal sustainability in the EU? : a panel data diagnostic
author Afonso, António
author_facet Afonso, António
Rault, Christophe
author_role author
author2 Rault, Christophe
author2_role author
dc.contributor.none.fl_str_mv Repositório da Universidade de Lisboa
dc.contributor.author.fl_str_mv Afonso, António
Rault, Christophe
dc.subject.por.fl_str_mv intertemporal budget constraint
fiscal sustainability
EU
panel unit root
panel cointegration.
topic intertemporal budget constraint
fiscal sustainability
EU
panel unit root
panel cointegration.
description We assess the sustainability of public finances in the EU15 over the period 1970-2006 using stationarity and cointegration analysis. Specifically, we use panel unit root tests of the first and second generation allowing in some cases for structural breaks. We also apply modern panel cointegration techniques developed by Pedroni (1999, 2004), generalized by Banerjee and Carrion-i-Silvestre (2006) and Westerlund and Edgerton (2007), to a structural long-run equation between general government expenditures and revenues. While estimations point to fiscal sustainability being an issue in some countries, fiscal policy was sustainable both for the EU15 panel set, and within sub-periods (1970-1991 and 1992-2006).
publishDate 2007
dc.date.none.fl_str_mv 2007-10
2007-10-01T00:00:00Z
2010-06-14T11:36:32Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.5/2136
url http://hdl.handle.net/10400.5/2136
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Afonso, António e Christophe Rault. 2007. "What do we really know about fiscal sustainability in the EU? : a panel data diagnostic". European Central Bank working paper series nº 820-2007
1725-2806
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv European Central Bank
publisher.none.fl_str_mv European Central Bank
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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